Second, it depends on the investment scope of the fund. According to the different issuers, bonds are divided into interest rate bonds and credit bonds. Because the issuers of interest rate bonds are countries or institutions with national credit endorsements, such as national debt, national debt and central bank bills. Therefore, for the debt base with interest rate bonds as the investment target, there is basically no need to worry about the problem of "stepping on thunder" of funds. For the debt base that invests in credit bonds, because credit bonds have no national credit as an endorsement, there will be the risk of stepping on thunder. However, you don't have to worry too much. When investing in credit debt base, we should grasp the following two points:
1. Choose a larger debt base, because holding multiple bond targets can better avoid the risk of fund net value fluctuation brought by a single bond;
2. Choose the debt base issued by fund companies with strong professional strength and professional bond investment and research teams, and try to avoid the debt base that historical fund companies have repeatedly "stepped on thunder". Because there are many fund companies with a history of "stepping on thunder", their risk control is likely to be imperfect.
Third, look at the fund's rate.
After all, what you save is what you earn. Other things being equal, you will definitely choose a low rate.
In addition, the timing of buying bond funds is also very important. The purpose of allocating bond funds is to smooth the risk of large fluctuations in stock funds and obtain relatively stable returns. From the perspective of capital allocation, there is no need to deliberately choose time. From the perspective of bond fund profitability, it is still necessary to choose the right time.
The investment return of bond funds includes several components: capital gains (bond price appreciation) and interest income of bond funds, and some (
Interest rate is one of the important factors affecting bond prices: when interest rates rise, bond prices fall; When interest rates fall, the price of bonds will rise. From the macro-economic point of view, interest rate reflects the changes in the relationship between supply and demand of market funds. In different stages of economic development, market interest rates have different performances. During the period of sustained economic prosperity and growth, entrepreneurs began to borrow money to buy machinery and equipment, raw materials, build factories and expand services. Therefore, there will be a shortage of funds, and borrowers will compete for decreasing funds, which will lead to an increase in interest rates. On the contrary, in the period of economic depression and weak market, interest rates will fall with the decrease of capital demand. In addition to the overall economic situation, interest rates are also affected by the following aspects:
(1) Inflation rate
Inflation rate is an index to measure the rise of the overall price level. Generally speaking, when inflation occurs, the market interest rate will rise to offset the depreciation of funds caused by inflation and ensure the real rate of return on investment. The borrower will also expect that inflation will lead to a decrease in the interest actually paid, so he will be willing to pay a higher nominal interest rate, which will also lead to an increase in the market interest rate.
(2) Monetary policy
Monetary policy is an important factor affecting market interest rates. The tightness of monetary policy will directly affect the supply and demand of market funds, thus affecting the changes of market interest rates. Generally speaking, loose monetary policy, such as strengthening money supply and relaxing credit control, will loosen the relationship between supply and demand of market funds, which will lead to a decline in market interest rates. On the contrary, tight monetary policy, such as reducing the money supply and strengthening credit control, will make the supply and demand of market funds tight, which will lead to an increase in market interest rates.
(3) Exchange rate changes
Under the condition of open market, the rise of local currency exchange rate will lead to the inflow of foreign funds and the increase of local currency demand, which will lead to the rise of domestic interest rate in the short term; On the contrary, the decline of local currency exchange rate will lead to the outflow of foreign capital and the decrease of local currency demand. In the short term, it will cause the domestic interest rate to fall.
Finally, people usually think that the right time to buy bond funds is when the economy enters recession and banks start to cut interest rates. Previously, the bond market has been hit by many interest rate hikes. Because investors are worried about the further impact of subsequent interest rate hikes, under the upsurge of selling, bonds not only release most of the risks from interest rate adjustment in advance, but also many varieties are in a state of obvious oversold. This is the bottom area of the bond market, which is naturally the most suitable for buying bond funds.